Rhode Island

First-time home buyers struggle as cash dominates R.I. market

Published

1 year ago

November 25, 2024

Press Room

First-time home buyers struggle as cash dominates R.I. market

Real Estate

“We’re seeing homeowners who are tapping into their equity and 401K and competing for properties with first-time home buyers without those luxuries.”

The median sales price of a single-family home in Providence was $450,000 in October, a 16.67 percent year-over-year increase. Adobe Stock

The median sales price for a single-family home in Rhode Island hit $485,000 in October, a 11.5 percent year-over-year jump, the state realtors association reported on Nov. 21.

Rhode Island saw more sales (up 5 .4 percent) and more homes to choose from (inventory was up 4.9 percent), but first-time home buyers are having to do battle with shoppers armed with cash or equity.

“We’re seeing homeowners who are tapping into their equity and 401K and competing for properties with first-time home buyers without those luxuries. Many are cash buyers who are downsizing or buying a second home,” Chris Whitten, 2025 president of the Rhode Island Association of Realtors, said in a news release. “It’s tough for younger buyers to compete with that. Down-payment assistance programs help slightly, but lack of inventory, higher prices, and interest rates are still the biggest pain points preventing our younger generations from starting to build equity through homeownership.”

On Nov. 21, the average rate on a 30-year fixed mortgage hit its highest level since July, 6.84 percent, sapping the buyer power of prospective shoppers.

But the condo market offers buyers hope. The median sales price of $355,000 in October reflects a $25,000 drop in costs compared to October 2023. This led to a 15.1 percent hike in sales, the association reported.

There are more condos on the market as well, which helps to temper competition. The state saw a 37.3 percent increase in inventory, but it’s not enough to meet demand.

“At the current rate of sales, all the condominiums available for sale in Rhode Island would be sold in just over two months if no new listings went on the market,” Whitten said. “The condo market is attractive to first-time buyers due to its lower price point, but more development is the key to help get younger generations into homeownership.

“The net worth of a homeowner is $415,000 compared to $10,000 for a renter,” he added. “In the coming legislative session, RI Realtors will be focused on working closely with legislators who are willing to help remove barriers to building and enable the creation of more homes here in the Ocean State.”

The supply of single-family listings rose as well, by 4.9 percent for a 2.1-month supply. Most economists agree that a healthy market has at least a five-month supply.

Buyers may also turn to multifamily homes to pay their mortgage. Closed sales in that market were up 17.2 percent last month, with a 16.06 percent increase in the median price to $560,000, the association reported.

The typical multifamily home spent 26 days on the market before selling, while condos took 33 days and single-family homes were snapped up after 31.

Single-family properties in Kent County — home to Coventry, East Greenwich, West Greenwich, Warwick, and West Warwick — saw the biggest increase in prices, nearly 17 percent. Prices dropped in Providence County, home to the capital city, fell 6.03 percent.

Eileen Woods

Editor, real estate

Eileen McEleney Woods is the real estate editor for Boston.com and editor of the Boston Globe’s Sunday real estate section (Address).

Source link

Rhode Island

RI Lottery Mega Millions, Lucky For Life winning numbers for Dec. 16, 2025

Published

11 hours ago

December 17, 2025

Press Room

The Rhode Island Lottery offers multiple draw games for those aiming to win big. Here’s a look at Dec. 16, 2025, results for each game:

Winning Mega Millions numbers from Dec. 16 drawing

20-24-46-59-65, Mega Ball: 07

Check Mega Millions payouts and previous drawings here.

Winning Lucky For Life numbers from Dec. 16 drawing

03-04-19-24-39, Lucky Ball: 11

Check Lucky For Life payouts and previous drawings here.

Winning Numbers numbers from Dec. 16 drawing

Midday: 0-5-9-8

Evening: 8-5-3-5

Check Numbers payouts and previous drawings here.

Winning Wild Money numbers from Dec. 16 drawing

03-14-15-29-38, Extra: 30

Check Wild Money payouts and previous drawings here.

Feeling lucky? Explore the latest lottery news & results

Are you a winner? Here’s how to claim your prize

Prizes less than $600 can be claimed at any Rhode Island Lottery Retailer. Prizes of $600 and above must be claimed at Lottery Headquarters, 1425 Pontiac Ave., Cranston, Rhode Island 02920.
Mega Millions and Powerball jackpot winners can decide on cash or annuity payment within 60 days after becoming entitled to the prize. The annuitized prize shall be paid in 30 graduated annual installments.
Winners of the Lucky for Life top prize of $1,000 a day for life and second prize of $25,000 a year for life can decide to collect the prize for a minimum of 20 years or take a lump sum cash payment.

When are the Rhode Island Lottery drawings held?

Powerball: 10:59 p.m. ET on Monday, Wednesday, and Saturday.
Mega Millions: 11:00 p.m. ET on Tuesday and Friday.
Lucky for Life: 10:30 p.m. ET daily.
Numbers (Midday): 1:30 p.m. ET daily.
Numbers (Evening): 7:29 p.m. ET daily.
Wild Money: 7:29 p.m. ET on Tuesday, Thursday and Saturday.

This results page was generated automatically using information from TinBu and a template written and reviewed by a Rhode Island editor. You can send feedback using this form.

Source link

Rhode Island

RI schools urged to review safety protocols in wake of Brown University shooting

Published

23 hours ago

December 16, 2025

Press Room

RI schools urged to review safety protocols in wake of Brown University shooting

The Rhode Island Department of Education (RIDE) is urging local elementary and secondary schools to review safety protocols following the mass shooting at Brown University.

Days after two people were killed and nine others were injured in a shooting on the college campus, the department reminded schools statewide to ensure they are following existing safety policies, including keeping exterior doors closed and locked at all times.

“While the events of this weekend are tragic, they are also a reminder and an opportunity to re-train, reinforce, and go through the necessary safety steps, once more,” Commissioner Angelica Infante-Green said in a statement.

She emphasized the importance of following the protocols, including visitor policies, “as designed and written.”

In its latest announcement, RIDE also provided a list of resources for students, families, and school staff for “navigating difficult conversations” about topics such as violence and hate.

Rhode Island schools reminded to keep interior doors closed, exterior doors closed and locked

While all exterior doors should remain closed and locked, the department said, all interior doors should also remain closed. All visitors should go through a single, secure point of entry, according to RIDE.

In Providence, all elementary, middle, and high schools are also required to establish staff “crisis teams” and conduct 15 safety drills each year, according to the district’s existing safety protocols.

In the wake of the Brown University shooting on Dec. 13, Providence Public Schools said students should expect an increased police presence on and near their campuses.

All after-school activities, sporting events, and field trips at Providence schools planned for Monday, Dec. 15, and Tuesday, Dec. 16, were canceled out of an “abundance of caution.”

The district said that it would announce its plans for the rest of the week as soon as possible.

Source link

Rhode Island

RI Lottery Powerball, Lucky For Life winning numbers for Dec. 15, 2025

Published

1 day ago

December 15, 2025

Press Room

The Rhode Island Lottery offers multiple draw games for those aiming to win big. Here’s a look at Dec. 15, 2025, results for each game:

Winning Powerball numbers from Dec. 15 drawing

23-35-59-63-68, Powerball: 02, Power Play: 4

Check Powerball payouts and previous drawings here.

Winning Lucky For Life numbers from Dec. 15 drawing

12-16-27-34-41, Lucky Ball: 12

Check Lucky For Life payouts and previous drawings here.

Winning Numbers numbers from Dec. 15 drawing

Midday: 4-9-8-3

Evening: 1-3-5-3

Check Numbers payouts and previous drawings here.

Winning Wild Money numbers from Dec. 15 drawing

10-13-28-33-37, Extra: 35

Check Wild Money payouts and previous drawings here.

Feeling lucky? Explore the latest lottery news & results

Are you a winner? Here’s how to claim your prize

Prizes less than $600 can be claimed at any Rhode Island Lottery Retailer. Prizes of $600 and above must be claimed at Lottery Headquarters, 1425 Pontiac Ave., Cranston, Rhode Island 02920.
Mega Millions and Powerball jackpot winners can decide on cash or annuity payment within 60 days after becoming entitled to the prize. The annuitized prize shall be paid in 30 graduated annual installments.
Winners of the Lucky for Life top prize of $1,000 a day for life and second prize of $25,000 a year for life can decide to collect the prize for a minimum of 20 years or take a lump sum cash payment.

When are the Rhode Island Lottery drawings held?

Powerball: 10:59 p.m. ET on Monday, Wednesday, and Saturday.
Mega Millions: 11:00 p.m. ET on Tuesday and Friday.
Lucky for Life: 10:30 p.m. ET daily.
Numbers (Midday): 1:30 p.m. ET daily.
Numbers (Evening): 7:29 p.m. ET daily.
Wild Money: 7:29 p.m. ET on Tuesday, Thursday and Saturday.

This results page was generated automatically using information from TinBu and a template written and reviewed by a Rhode Island editor. You can send feedback using this form.

Source link